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BRIEFCASE HEALTH NET, TENET INK 2-YEAR ACCORD.

Byline: - Staff and wire reports

WOODLAND HILLS - Health Net of California and subsidiaries of Tenet Healthcare Corp. announced Monday a two-year agreement covering 27 Tenet hospitals in Los Angeles and Orange counties.

The agreement, which begins Jan. 1 and continues through Dec. 31, 2004, guarantees Health Net members continued access to care at Tenet facilities.

The agreement adopts a predictable, fixed or ``per diem'' reimbursement structure that more closely reflects the cost of delivering care for each patient, according to Health Net and Tenet. It eliminates previous stop- loss provisions.

T-bill rates mixed in Monday auction

WASHINGTON - Interest rates on short-term Treasury bills were mixed in Monday's auction with six-month bills rising to the highest level in a month while rates on three-month bills were unchanged.

The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 1.210 percent. An additional $15 billion in six-month bills was auctioned at a discount rate of 1.290 percent.

The three-month rate was unchanged from last week, when it had risen to the highest level since Nov. 4. The six-month rate was up from 1.265 percent last week and was the highest since 1.395 percent on Nov. 4.

In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 1.55 percent last week from 1.51 percent.

United mechanics set for new vote

CHICAGO - United Airlines and union leaders moved quickly Monday to set up a second vote by the carrier's mechanics on wage cuts, an important step in its last-ditch bid to avoid a bankruptcy filing.

Under an agreement reached early Monday following daylong talks, mechanics will vote Thursday on the same wage cuts of 6 percent to 7 percent that they voted down, 57 percent to 43 percent, last week. Contract terms on benefits were revised slightly in hopes of a reversed outcome.

The agreement also bought time for United to decide whether to make a $375 million debt payment that would seriously deplete its cash resources.

Dow Jones hits 9,000, falls back

NEW YORK - The Dow Jones industrial average closed down 33.52, or 0.4 percent, at 8,862.57, having gained as much as 147.28 earlier when it moved past 9,000. The Dow, up for eight straight weeks, last traded above 9,000 on Aug. 27, when it hit 9,040.04, but has not closed above that mark since Aug. 22, when it traded at 9,053.64.

The market's broader gauges, up for seven of the past eight weeks, were mixed. The Nasdaq composite index rose 6.00, or 0.4 percent, to 1,484.78. The Standard & Poor's 500 index fell 1.78, or 0.2 percent, to 934.53.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Geographic Code:1USA
Date:Dec 3, 2002
Words:474
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